Politics

South Korea, UAE strike $3 billion missile deal

SEOUL – In a deal hailed as the biggest single defense equipment export ever by South Korea, the United Arab Emirates (UAE) will reportedly buy a surface-to-air-missile system for 4 trillion won (US$3.3 billion).

According to South Korean reports from the Middle East, the two countries exchanged preliminary contracts on Sunday (January 16) for the Cheongung-II M-SAM system made by South Korean firms LIG Nex1, Hanwha Systems and Hanwha Defense.

The contracts were exchanged in the presence of visiting South Korean President Moon Jae-in and UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid Al Maktoum.



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